user
Explain how the Brexit deal affects the UK economy.


assistant
The UK’s Brexit deal will have a major impact on the UK economy. As the UK leaves the European Single Market and Customs Union, it will have to pay tariffs on imports, introduce new border checks and regulations, and experience volatile trade practices with the EU. The UK will also no longer receive the same level of subsidies and access to the EU market, resulting in a hit to UK exports. As a result, business costs are likely to rise and investments may be affected by currency fluctuations. Furthermore, the UK’s ability to strike trade deals with other countries may be restricted.